AAP

The Australian dollar is slightly higher, but has failed to make any significant gains despite US stocks rising to a new all-time record at the end of last week.

The Australian share market closed higher on Friday, led by investors picking up cheaper mining stocks after heavy selling in recent days.

The Australian dollar has fallen to its lowest level in almost a year, with no signs the sell-off will be over any time soon.

The Australian share market closed higher on Friday, led by investors picking up cheaper mining stocks after heavy selling in recent days.

Australia's richest woman, Gina Rinehart, has drawn criticism from Prime Minister Julia Gillard after saying Australia would face the same problems as Greece if support for the mining industry was

Pay rises handed to the Western Australian government ministerial staffers are excessive, given savings are being sought in the rest of the public sector, the opposition says.

Billionaire Clive Palmer says he's been approached by West Australian parliamentarians keen to become candidates for his political party.

The resources sector is being used like an ATM machine and Australia's record debt is unsustainable, mining magnate Gina Rinehart says.

Wesfarmers has downgraded its earnings forecast for its Target stores, predicting a "disappointing" result for the department store chain.

Shares in engineering giant WorleyParsons plunged to four-year lows after it blamed a slowdown in Western Australia's mining industry for a profit downgrade.

Federal Opposition Leader Tony Abbott has shied away from putting a timeframe on his proposed budget measures, including spending cuts aimed at saving up to $5 billion.

US stocks have taken a pause from a recent winning streak, selling off after a disappointing earnings report from Walmart and some middling economic data.

The Australian market finished lower as weaker commodity prices weighed on the nation's biggest mining stocks.

The proposed Anketell Point port project in the Pilbara, which is unlikely to proceed for the foreseeable future, has been approved by federal Environment Minister Tony Burke, subject to 45 strict

The Australian market has opened slightly higher despite falls in resources stocks.

Virgin Australia's shares have tumbled following a profit warning issued by the airline after the market closed on Wednesday.

The Australian dollar is slightly higher as the greenback's week-long rally stalled following the release weak New York State manufacturing data.

US stocks closed at new all-time highs following a choppy day of trading Wednesday as investors shrugged off more economic gloom from the eurozone.

The Australian market closed lower as the big miners fell on lower commodity prices and downgrades of Chinese growth forecasts.

The Australia dollar has fallen below 99 US cents, driven lower by growing investor demand for the US dollar and a negative response to Tuesday's federal budget.

 Australia remains one of the top destinations for migrating professionals, but has slipped in a global rankings survey amid the high-value dollar putting pressure on exchange rates.

Australia's second-biggest telco, Optus, has suffered a 7.5 per cent slump in net profit for the year to March 31.

Opposition Leader Tony Abbott says his official budget reply won't be a complete list of the coalition's "spends and saves" but will paint a big economic picture.

The federal budget has failed to improve Australia's "inefficient" tax system, business leaders have said.

Every project in Australia worth $500 million or more must show how it will provide opportunities to local businesses, under new laws introduced into parliament.

Commonwealth Bank of Australia has lifted its third quarter profit by 12 per cent to $1.9 billion.

The Australian market has opened higher due to strong overseas leads and the falling Australian dollar.

Prime Minister Julia Gillard has defended her government's budget, stating tough choices had to be made.

The Australian dollar has opened below 99 cents as another rally on Wall Street boosted the greenback.

US stocks have surged to new all-time closing highs on renewed optimism after a prominent hedge fund manager said the stock rally of 2013 still has more room to go.

Treasurer Wayne Swan has handed down his sixth consecutive budget deficit, saying sharper spending cuts would have put jobs and the economy at risk.

The Australian dollar is trading slightly below parity with the US dollar as commodities prices fell following weaker than expected Chinese data.